SINGAPORE (Aug 7): Kimly, Singapore’s largest traditional coffee shop operator, posted earnings of $5.2 million for the 3Q17 ended June, down 20% from its $6.5 million in earnings for 3Q16 due to higher expenses.
Revenue for the quarter grew 8.5% to $47.9 million, boosted mainly by higher sales generated from cooked food and beverages, an increase in rental income, as well as income from provision of cleaning and utilities services.
However, due to an increase in staff costs and a 27.3% rise in operating lease expenses to $8.3 million, linked to the group’s expansions of its operations, gross profit for the quarter slipped 6.7% to $8.8 million from $9.5 million a year ago.
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